Flow control and industrial solutions products manufacturer Ingersoll Rand reported its 2021 second quarter financial results on Wednesday, showing significant year-over-year growth that was led largely by the company's compressors product line.
Davidson, NC-based IR reported total Q2 sales of $1.28 billion, up 24.8 percent year-over-year as orders surged 48 percent. The company's Q2 operating profit was $140 million, compared to a $45 million operating loss a year earlier. IR's Q2 net profit of $234 million likewise was a complete turnaround from a $178 million loss a year earlier.
IR's Industrial Technologies and Services segment, which comprised approximately 82 percent of the company's total Q2 business, saw sales increase 26.3 percent year-over-year. Within that segment, compressors were responsible for 65 percent of Q2 sales and saw year-over-year orders percentage growth surge in the mid-40s and revenue growth in the mid-20s. Industrial vacuum & blowers — 20 percent of the segment — saw orders grow in the mid-40s and revenue growth in the low 30s. Power tools & lifting — 10 percent of the segment — saw orders grow in the high-50s and revenue growth in the low 40s. The segment's other products — 5 percent of its total — saw orders surge more than 100 percent and revenue grow in the low-single digits.
Through the six months ended June 30, IR's total sales of $2.41 billion were up 46.7 percent; operating profit of $261 million compares with an operating loss of $124 million of a year earlier; and net profit of $143.5 million likewise compares with a $214 million net loss a year earlier.